Mumbai, March 10, 2021 (GNI): BharatPe, India’s leading fintech company for merchants, today announced that it has expanded its footprint to 100 cities across India. The expansion is in line with company’s commitment to drive financial inclusion across tier 2, 3 and 4 towns and cities in the country. Scripting a new chapter in the country’s Digital India story, BharatPe is going beyond metros with the objective of empowering merchants with its safe and secure digital payment infrastructure. The move will encourage more merchants and shop owners to adopt fintech solutions and grow their business.
BharatPe has added new cities across the length and breadth of the country as it aims to scale its presence to 300 cities by March 2023. Some of the new additions as a part of the 100 cities include, Guwahati, Vellore, Hosur, Nagpur, Raipur, Bilaspur, Bhubaneswar, tourist hubs like Pondicherry, Amritsar, Varanasi, Agra, Allahabad, Mathura, Nainital as well as renowned business hubs like Kochi, and Coimbatore. Lesser known names like Kaithal, Jind and Bhiwani will also enjoy BharatPe services. The company has rolled out its UPI QR payment acceptance service and loans to merchant partners in the new cities in the first phase. It will top this up with other fintech products in the second phase over the coming months.
Commenting on the company’s expansion plan, Suhail Sameer, Group President, BharatPe, said, “The expansion is in line with the exponential growth that the company has experienced in tier-2 and beyond markets over the last one year. BharatPe has witnessed a notable spike in digital transactions beyond its top 30 cities over the last one year, with an increase in 70% in number of transactions and 120% in value of transactions (TPV). We are focussed on creating awareness about digital payments and bringing the new age fintech services to the last mile in India. We plan to add 4 million merchants to our existing list of over 6 million merchants by the end of 2021.”
Added Mr. Nishant Jain, Chief Business Officer, BharatPe, “We believe that equitable access to digital services is critical to bring a transformative change in the economy. With rapidly growing acceptance of UPI services across India, we intend to provide the right payments and credit platform, and make a positive difference in the lives of millions of underserved or unbanked merchants. This revolution in galvanizing Bharat’s digitization and is one of the most crucial steps towards bridging the divide in India’s inclusive growth journey.”
BharatPe is committed to help small merchants and kirana store owners grow their business. The pandemic has emphasized the need for a strong digital backbone, owing to the rapid shift to digital across sectors. A robust digital payment infrastructure will generate 90 million jobs in the near future, and help India become Atmanirbhar in the true sense. It can actually be a springboard for India to leverage ‘Digital India’, increase economic activity, and realise the $20 trillion economy vision at an accelerated pace. Delivering a strong push towards adoption of digital payment instruments in tier 2 and 3 cities in the post-Covid era, BharatPe is powering instant transactions and boosting trade by enabling digital payments in these regions stated in the press release.
About BharatPe: BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the vision to make financial inclusion a reality for Indian merchants. BharatPe launched India’s first UPI interoperable QR code, first ZERO MDR payment acceptance service, and first UPI payment backed merchant cash advance service. In 2020, post-Covid, BharatPe also launched India’s only ZERO MDR card acceptance terminals – BharatSwipe. Currently serving over 60 lakh merchants across 100 cities, the company is a leader in UPI offline transactions, processing 8 crore+ UPI transactions per month (annualized Transaction Processed Value of US$ 7+ Bn). The company has already facilitated disbursement of over Rs. 1200 crores to its merchants since launch. BharatPe’s POS business is clocking over Rs. 900 crores/ month. BharatPe has raised close to US$ 270 million in equity and debt, till date. The company’s list of marquee investors includes Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital. Ends
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